To decrease in the overall price level, called by actually economic process, and

This result if it is reached, is, possibly, everything, that in general
It is possible to achieve any control over in monetary weight.

It is impossible to exclude completely, of course, that any events can generate

Such despondency and it that can induce nothing people to renew

Investments and by that to stop menacing falling of the prices. If it is called

External events for economy: fear before the hung world accident
Or an inevitable victory of communism, or aspiration in any region
To turn all private property into cash, to be ready to
To flight, apparently, nothing can prevent falling of the prices on

Subjects which are hard for carrying away with itself. But while normal conditions for

Effective activity of capitalist business are saved,
The competition will deliver the money calling the least infringements in it
To job. And it, possibly, everything, on what we can hope.
Concern a question on desire of holders of a cash in these conditions to be switched

On currency with raising value, but in these conditions such currency hardly
It will be accessible.>

The chapter XVIII. The monetary policy is undesirable and impossible

The governments - the main source of instability
The monetary policy as the depression reason
The government cannot operate for the sake of general welfare
The end of a problem of the balance of payments
Stupefying drug of cheap money
Liquidation of the central banks
The end of the fixed interest rates

Clearly that at the currency device offered by us the monetary policy in that

Kind in what it to us is known now, could not exist. It is impossible

To deny that at present division of responsibility between emitters of the base

Money and the emitters parasitizing on them, the central banks should, that not

To allow to affairs to accept completely uncontrollable character, to try meaningly

To anticipate events, which they can influence only, but which they not in
Status directly to supervise. But system of the central banks, which all
50 years ago was considered as top of financial wisdom, strongly discredited
Itself. It became especially obvious since after cancellation gold

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